RBI Intervened On Tuesday To Stem Rupee Fall: Ahluwalia

The Indian central bank intervened in the foreign exchange markets on Tuesday to halt the rupee’s slide, the deputy chairman of the country’s Planning Commission Montek Singh Ahluwalia told TV channel CNBC-TV18 on Wednesday.

Reuters had reported on Tuesday traders had spotted the central bank selling dollars via state-run banks starting at around 58.95 levels, after the unit fell to a record low of 58.98.

Ahluwalia also said there was a committee looking at simplifying foreign direct investment rules. (Reporting by Mumbai Treasury Desk; Editing by Rafael Nam)